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Chapter 08 - Accounting for Purchases and Accounts Payable
76. At the end of February 2013 and before the purchases journal was posted, selected general
ledger account balances for Volter Repair Services were as follows (each account had a
normal balance):
The purchases journal had the following totals: Purchases, $28,000; Freight In, $1,000;
Accounts Payable, $29,000.
Calculate the ending balance of each of the three accounts after the posting from the
purchases journal. Indicate whether each balance is a debit or credit.
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78. The Fast Frame Shop had the following transactions for the month of January 2013.
Record the transactions on page 7 of a purchases journal and page 9 of a general journal.
Total, prove, and rule the purchases journal as of January 31.
